Indian Economic Survey pegs growth at 7.6% next fiscal

The Economic Survey for 2011-12 tabled by finance minister Pranab Mukherjee in Parliament on Thursday projected a 7.6% growth for the next fiscal beginning April 1. Inflation, on the other hand, is projected at 6.5-7% by the end of March. "It may further moderate during 2012-13 due to tightening of monetary policy and other measures put in place by the government," the survey said. The growth in the country's gross domestic product (GDP) during the current fiscal has been pegged at 6.9%. The country's GDP growth had decelerated to 6.1% in third quarter from 6.9% in the second quarter of the curent fiscal. "But despite the low growth figure of 6.9%, India remains one of the fastest growing economies of the world as all major countries including the fast growing emerging economies are seeing a significant slowdown." According to the survey, industrial production is likely to improve in the next financial year.